Amendment of regulation 98
39. In regulation 98 (Calculating amounts of transfer value payments), for paragraphs (1) and (2) substitute—
“(1) The amount of the guaranteed cash equivalent transfer value payment is to be calculated and verified by the Department in accordance with the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996(1). This is subject to paragraphs (2), (3) and (5).
(2) Before determining the factors to be used in the calculation of the member’s guaranteed cash equivalent, the Department shall take advice from the Scheme actuary.”.